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SEC target Petrossi convinces judge to free him

2017-04-13 10:35 ET - Street Wire

See Street Wire (C-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

Louis Petrossi, the self-proclaimed investment guru awaiting trial in New York for the Forcefield Energy Inc. scheme, has convinced the judge to let him out of jail. He told the judge that he poses no danger to the community, as he is 76 years old and suffers from leukemia. The judge let Mr. Petrossi out on conditions that include home confinement and a $500,000 appearance bond. (All figures are in U.S. dollars.)

Mr. Petrossi is awaiting trial for a scheme in which prosecutors claim that he aided a Canadian man, Richard St. Julien, with a six-year market manipulation that ended in 2015. According to the government, Mr. St. Julien paid secret kickbacks to many people, including Mr. Petrossi, to pitch Forcefield Energy, a purported LED manufacturer. The stock went to a $7.84 high and later collapsed, causing investor losses of $131-million, the government says.

Louis Petrossi
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Louis Petrossi

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